The Malaysian Investment Development Authority (MIDA) and Bank Islam Berhad (Bank Islam) inked a Memorandum of Understanding (MOU) to form a partnership to provide a financial platform and seamless end-to-end banking services by Bank Islam to new and existing domestic and foreign investors in Malaysia.
The MOU was signed by Director of Domestic Investment Division, MIDA, Mr. Sukri Abu Bakar and BIMB Group Chief Business Officer, Retail, Mr. Mizan Masram; and witnessed by MIDA Chief Executive Officer (CEO), Datuk Arham Abdul Rahman and BIMB Group Chief Executive Officer (GCEO), Mr. Mohd Muazzam Mohamed. Also, in attendance at the ceremony were MIDA Deputy CEO, Investment Promotion and Facilitation, Mr. Sivasuriyamoorthy Sundara Raja, and BIMB Head of SME Banking Division, Mr. Rizal Mohd Yusof.
Datuk Arham Abdul Rahman, CEO of MIDA, expressed his appreciation for the collaboration in stimulating the local business environment and facilitating the nation’s economic recovery effort. He stated, “In response to the changing global business landscape, the Government, through MIDA, not only strives to promote the development of industrial ecosystems, but also seeks to cross-collaborate with relevant and supportive partners to maintain our robust ecosystem, which allows companies, including small and medium-sized enterprises (SMEs), to thrive.”
“The SMEs is vital to the Malaysian economy, contributing more than a third of gross domestic product (GDP) and providing job opportunities to more than four (4) million workers in Malaysia. Through this collaboration, MIDA hopes to leverage such opportunities to promote various fundraising facilities to empower and finance commercial growth, profitable ideas and businesses, allowing entrepreneurs and business owners to raise capital from the public and private markets,” he added.
Mr. Mohd Muazzam Mohamed, BIMB GCEO, said, “The Bank is honoured to be part of this endeavour through our comprehensive suite of Shariah-compliant product offerings. It will allow foreign SME investors to venture and fortify their market presence in Malaysia, contributing to the country’s economic recovery post-COVID-19 pandemic. This partnership between MIDA and BIMB would provide a platform to over 3,000 SME customers within our portfolio the access and opportunity they need to expand their offerings to markets beyond our shores.”
“The collaboration also explores other opportunities to be part of the Domestic Investment Strategic Fund (DISF) and other grants provided by MIDA. Apart from giving customised financing package deals for new and existing foreign SME investors, we also include financial guidance and the accessibility through our SMEXpert mobile application. Clients can easily use this digital marketing platform to advertise their events and other resources, products, and services on the apps,” he shared.
The MOU with Bank Islam demonstrates MIDA’s ongoing commitment in pursuing high technology, high value-added and innovative investment projects from both domestic and foreign companies. The partnership is seen as being timely to provide adequate and financial support to industry players, particularly domestic investors, in expanding the Government’s efforts to facilitate investments in Malaysia, which is consistent with the National Investment Aspirations (NIA) framework in driving economic growth.